The equities markets, which have fallen 12% since May's highs, may have just gone through a sell-off that meets the classic definition of a correction, but UBS Wealth Management Research is cautioning that it still might not be a great idea for investors to jump back into the market just yet.

And that's after stocks of all types were pounded in Monday trading, sending the Dow Jones Industrial average down more than 600 points, or 6%, in the first trading day since rating agency Standard and Poor's stripped the country of its vaunted AAA debt rating. The Nasdaq and S&P 500 were similarly hammered, shedding 7%, respectively.

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